What do the FSA indicators in the Materiality Column mean?
The indicators within
the FSA worksheet are used to determine the amount of work the
auditor needs to do or has done in relation to materiality.
The red indicator will
appear in the Materiality Assessment column if the planning balance is not materialand the final
balance is material. This indicates that there is a risk of insufficient
audit work.
The yellow indicator will
appear in the Materiality Assessment column if the planning balance is material and the final
balance is not material. This indicates that there is a risk of over-auditing.